SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government has chosen a U.S. real estate company to redevelop an abandoned U.S. naval station on the island’s eastern coast.
The Economic Development Department announced in a news release Monday that Virginia-based Clark Realty Capital is expected to invest $3.2 billion as part of a 30-year project that would include hotels, offices, residences, schools and a cruise ship port. The project is expected to generate 28,000 jobs over the length of the project.
The department said it expects to finalize the deal by June 2015.
The former Roosevelt Roads U.S. naval station closed in 2004 after the military stopped using the nearby island of Vieques as a bombing range. Attempts to redevelop the site have been stalled in part because of the island’s sluggish economy.